COPLEY PROPERTIES, INC. HOLDS ANNUAL MEETING AND ANNOUNCES FIRST QUARTER RESULTS
BOSTON, May 14 /PRNewswire/ -- Copley Properties, Inc. (AMEX: COP), a real estate investment trust, reported to shareholders attending the company's annual meeting on May 11, 1993 that overall occupancy of its portfolio of properties had risen to 92 percent from 89 percent at the end of 1992, and that management was optimistic about the future prospects for the company. Stephen H. Anthony, president of Copley Properties, stated that the company was developing a plan for future growth with a continued enphasis on industrial properties and markets. Separately, the company reported its first quarter results of operations. Cash from operations for the first quarter of 1993 was $882,000 or 25 cents per share as compared with $746,000 or 21 cents per share for the same period in 1992, and $663,000 or 19 cents per share for the fourth quarter of 1992. Copley paid a dividend of 20 per share for the first quarter of 1993 on May 12, 1993.
The company also reported a net loss for the first quarter of 1993 of $170,000 or 5 cents per share. This compares with a net loss of $399,000 or 11 cents per share for the same period in 1992 and $1,336,000 or 37 cents per share for the fourth quarter of 1992.
The fourth quarter of 1992 results include a loss of $1,004,000 from the transfer of the Woods at Patuxent project to the first mortgage lender as well as a loss of $700,000 from a write-down of the undeveloped land at the Andrews Avenue project in Florida. 1993 1992 Quarter Ended March 31st: Cash from Operations $882,000 $746,000 Net Loss (170,000) (399,000) Shares Outstanding 3,584,350 3,584,350 Per Common Share Amounts 25 cents 21 cents Cash from Operations 20 cents 20 cents Dividend (5 cents) (11 cents) -0- 5/14/93 /CONTACT: John Moynihan of Copley Properties, Inc., 617-578-1739/ (COP)
CO: Copley Properties, Inc. ST: Massachusetts IN: SU: ERN DIV
AK -- NE012 -- 8811 05/14/93 17:04 EDT
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|Date:||May 14, 1993|
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